DO YOU WANT TO EXPAND YOUR MEDICAL PRACTICE WITH NEW PATIENTS AND BILLABLES?

TELEMEDICINE ATTRACTS MORE CUSTOMERS TO YOUR PRACTICE

From a marketing perspective, telemedicine is a tremendous competitive equalizer. The virtual visit gives even the smallest practice a way to compete against market share encroachment from hospital ERs and urgent care providers. Offering on-demand telehealth appointments keeps the medical practice current with convenient service offerings in large hospital systems, networks of minute clinics in many retail settings, and stand-alone urgent care.

For small healthcare providers, fitting in urgent, same-day appointments on top of a busy schedule is challenging. That creates an opportunity for niche providers and healthcare systems with more resources to swoop in and steal your customer revenue.

There are more than 160 million urgent care and ER visits in the U.S. each year, and one study showed 31% of Americans use these providers because they are faster and more convenient than a traditional office visit. But a medical practice can recoup this revenue with a telemedicine service line.

It is a convenience of telemedicine that will attract more patients to your practice. The virtual visit eliminates traveling to your practice for routine care. It's a value-add for any medical practice seeking additional ways to attract customers and increase revenues.

TELEMEDICINE REDUCES NO-SHOW RATES IN THE MEDICAL PRACTICE

Patient no-shows are still a thorn in the side of most American healthcare providers, who lose around $150 billion each year due to this phenomenon. One unused appointment slot can cost a practice $200 on average. Multiply that with the average no-show rate of around 5 to 7% to understand the financial burden of a no-show patient on medical practice.

Telemedicine can be used to reduce no-shows by bringing doctors and patients together virtually without the barriers that make it more likely for the no-show to occur. For example, patients are more likely to skip an appointment if they have to take off work, find childcare, or travel to a distant doctor's office. If the patient doesn't have vacation or sick time, the time spent traveling and waiting to see the doctor costs them income.
Orthopedic patients are frequent no-shows for routine post-surgical check-ups because their reduced mobility or pain makes them less likely to travel to a distant office. They may not be able to drive or use public transit, so they need transportation assistance. If that isn't available, they'll be at risk of a missed appointment.

A telemedicine visit reduces no-shows by bringing the doctor to a device as familiar as a cell phone. Patients can and should be seen in their homes virtually, cutting the costs and time associated with seeking a traditional office visit. A recent study showed telemedicine reduced no-show rates by 50%.

Every missed appointment means a direct hit on the bottom line plus an opportunity cost for the provider. Not only will you lose the patient encounter revenue, but there's also the cost of underutilized staff. Telemedicine reduces no-shows and allows you to see patients more quickly. 

 If you do have a no-show, it's easy to fill the appointment with a telemedicine visit to recoup revenue.

TELEMEDICINE CUTS HEALTHCARE COSTS

Telemedicine is simply a more efficient way to provide care. Virtual technologies eliminate overhead costs in the practice while lowering the average time spent per patient encounter. According to one study, practices save $24 per patient in overhead costs for every telehealth visit. It also illustrated that the savings cross over to patients, who save an average of $50 in travel costs per visit.

According to the Journal of Managed Care study, the average encounter time per patient, including their travel time, is 120 minutes. Yet, a telemedicine visit averages 16 minutes and can be completed from the comfort of the patient's home. There is an obvious saving for patients and providers.

When you consider that the latest CMS rules require parity for telemedicine reimbursement at the same rate as an in-person encounter. When you couple this reimbursement rate with the cost savings earned from even one telehealth visit, the ROI is clear.

TELEMEDICINE RETAINS EXISTING CUSTOMERS

The secret to growing any business is, first, retaining existing customers. But healthcare, like all fields, is increasingly competitive. Independent practices compete with hospital networks, urgent care and minute clinics, ERs, and even on-demand telemedicine providers for the same patients.

But offering a telehealth service line can help you build patient engagement by providing more convenient care. Patients are increasingly frustrated by long wait times or by anything less than “on-demand.” Offering the option of a telemedicine visit when the doctor provides care to patients in their homes is an attractive proposition to many of our busy customers. Secure texting, emailing, and video chatting are all venues today's patients are very comfortable with—even before COVID-19 changed how we do business. Promoting a virtual service line in your practice offers your patients a more convenient way for your patients to receive care. Telemedicine is patient-centric and, in this way, will continue to engage your patients that are frustrated with the traditional healthcare visit.

It should be noted that telemedicine also solves a big problem, which is that 3.6 million Americans do not obtain healthcare treatment because they don't have transportation to get to their doctor's office. It's a big problem for older adults. But 96% of our patients own cellphones.

Telemedicine offers the convenience of bringing the doctor to the patient, not the other way around. This technology also solves barriers to accessing care. Offering telemedicine ensures that your practice will stay competitive by engaging your existing customer base.